Last Thursday, the Superintendent Of Financial Services for the state of New York, Benjamin M. Lawsky, proposed regulations for virtual currency companies operating in the state. Lawsky proposed a “BitLicense” plan, which includes rules on consumer protection, the prevention of money laundering, and cybersecurity. It is the first such proposal by a state to create guidelines specifically for virtual currency.
“We have sought to strike an appropriate balance that helps protect consumers and root out illegal activity – without stifling beneficial innovation,” Lawsky said in a statement. “Setting up common sense rules of the road is vital to the long-term future of the virtual currency industry, as well as the safety and soundness of customer assets.”..............................................Full Article: Source